According to the data, while Dogecoin dominated crypto-related mentions on Twitter by 10.4%, Bitcoin commanded a slightly lower number at 10.1%. The joke currency’s mentions were ten times higher than that of popular DeFi exchange Uniswap.
Despite starting as a joke in 2013, the value of Doge has risen to over $6.5 billion. Thanks to several celebrities, rock stars, and entrepreneurs who have hyped the digital asset, DOGE is proving to be more than a joke currency.
The digital asset has found a big fan in Elon Musk, who named himself the CEO of Dogecoin in the past. Several Doge-related tweets from one of the world’s richest men creating a buying frenzy. Between January 2020 and February, the price of DOGE rose from $0.002 to an all-time high of $0,083, a price increase of over 4000%.
On the flip side, Musk recently faulted the wealth distribution of Dogecoin. The digital asset has been widely criticized for this reason. For instance, a single address controls over 27% of DOGE’s total supply.
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Source: Cryptocurrency - investing.com
